Cashless transactions are carried out in many industries, such as retail, hospitality etc., with the use of payment cards. It may be inconvenient for consumers to constantly carry a card, wallet or cash, for example during exercise. In addition, consumers may forget to bring their card or wallet along with them. In other circumstances, a wallet may be misplaced or stolen and there is a need to carry out monetary transactions quickly in emergency situations. In such situations, a replacement payment card takes some time to be processed and consumers may need it in a hurry.
Further, cash transactions may not always be suitable, especially overseas when different currencies are used and consumers do not have enough foreign currency to carry out a cash transaction. A user who is travelling to other countries may also forget to bring the relevant payment cards. Even with the existing payment cards the user may possess, they may not be applicable for transactions in that particular country. Currency exchange may not always be available and the user may not even have enough cash to carry out the exchange.
In recent times, Automated Teller Machines (ATMs) have replaced the traditional way of dispensing cash through bank tellers. ATMs are found in almost every country as a means to quickly withdraw cash in small amounts. Sometimes, if a large number of monetary withdrawals are carried out, the ATMs may run out of cash and consumers are left helpless.
A need therefore exists to provide a method and system for issuing a payment medium that seeks to address at least some of the above problems.